Bloomberg has acquired a draft of a G20 document that implies that crypto should be considered an asset rather than a currency.
A draft of a G20 document — acquired by Bloomberg — reads that cryptocurrencies “lack the traits of sovereign currencies,” implying that the G20 considers crypto to be an asset rather than a currency, Bloomberg writes today, March 20.
The issue of how to define cryptocurrencies is expected to be discussed this afternoon, according to Bloomberg.
Klaas Knot, the chair of the Financial Stability Board (FSB), an international regulatory body formed by the G20 in 2009, and the president of De Nederlandsche Bank NV, told Bloomberg that “Whether you call it crypto assets, crypto tokens — definitely not cryptocurrencies — let that be clear a message as far as I’m concerned:”
“I don’t think any of these cryptos satisfy the three roles money plays in an economy.”
Yesterday, BTC’s price jumped around $1000 after a letter to G20 circulated from the Bank of England’s governor, also the head of the FSB, that said cryptocurrencies were not a “risk” to the world’s economy.
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Author: Molly Jane Zuckerman